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Tuesday, September 12, 2023

Market Update Technical Tuesday 9/12/23 - Oil, Bitcoin, $SPX, Apple, $USD

Yesterday marked the end of summer trading, and the first thing we saw yesterday was investors chasing overvalued tech stocks again (eyeroll). 

Speaking of overvalued tech stocks: 

As Smartphone Industry Sputters, the iPhone Expands Its Dominance nytimes

I think most investors could care less about the new iphone, but the stock has been walked down to support, and that sets up for continued bearish consolidation (to the upside), and just in time for Sept. Options Expiration. In fact with the big move we've seen in Apple - over the past several weeks, consolidation may continue, right into the holidays.     

Of course Apple is one of the main drivers of the QQQ's, and the $SPX, and that's the whole point of driving Apple higher. 

There are other Q components I like better, but watch for Apple to breakout above resistance 180.88, some time between now, and Nov.    

We saw Oracle taken down on worse than expected earnings - #BOOM! 

Speaking of takedowns

Bloomberg finally got what it has been wishing for, for the past 2 weeks: 

Typical Monday morning surprise - rug pull. 

Looks like the plan is to give the appearance of a bull market in US equities, through a weaker dollar, and that could be good for Gold. Something to watch, with Gold trading at a round number target $1900.  

Speaking of round number targets Dow 25k 

The Broader Market 

I thought we may see industrials lead, but the Dow was immediately sold at the 50 day moving average. 

$SPX futures are down slightly, but still trading above 4500 this morning.  

Yesterday, it was bought at the 20 day moving average, and by the close, it had been driven back above the 50 day ma.  

Oil is back up around 1%, but the biggest move we're seeing this morning is in Bitcoin 

Bitcoin - short term chart - looks like resistance @ - another even number target - 25k 


At the G20, Biden joins forces with India and the Middle East, sidelining China

India Nifty - 20k (even) - I'd be a seller of that news 

That's all I got, 


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